Recycling player Gravita India Ltd on Wednesday said it has raised Euro 34 million in a debt facility from two European Development Financial Institutions. The company’s shares rose 10 percent following the announcement.
The loan has been given after rigorous due diligence on various environmental, social and governance aspects across Gravita’s manufacturing subsidiaries, the company said in a statement.
“Step-down subsidiary Gravita Nederland BV has been granted an ESG loan of 34 million euros from SOCIÉTÉ DE PROMOTION ET DE POUR LA COOPÉRATION ECONOMIQUE SA (Proparco) and Oesterreichische Entwicklungsbank AG (OeEB),” it said.
This facility enables Gravita’s offshore businesses to avail financial incentives for their capex and working capital needs. The loan will be used to further strengthen Gravita’s sustainability initiatives.
Jaipur based Gravita is a leading recycling company with 11 manufacturing facilities across the globe with a total capacity of 2.51 Lakh MTPA.
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